ICE Canola Midday: Hopes for a new bottom
Working on day two of recovery
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued higher late Tuesday morning, working on their second day of gains following last week’s hard losses.
Canola was getting support from strong upswings in Chicago soyoil as well more modest increases in soybeans. As Malaysian palm oil remained closed for a holiday, declines in Chicago soymeal and European rapeseed were trying to limit the gains. Small upticks in crude lent some support to the vegetable oils.
One analyst said he’s hoping canola will at least trade sideways so the futures can form a new bottom.
The May contract remained far below its major moving averages because of those steep declines.
The Canadian dollar was relatively steady by mid-session Tuesday with the loonie at 69.86 U.S. cents, compared to Monday’s close of 69.91.
Approximately 31,550 canola contracts were traded as of 10:20 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 575.30 up 6.00 Jul 587.20 up 4.80 Nov 593.40 up 1.90 Jan 599.90 up 0.60
